The Oxford Handbook of the Economics of the Biopharmaceutical Industry

Hardcover | April 26, 2012

EditorPatricia M. Danzon, Sean Nicholson

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The biopharmaceutical industry has been a major driver of technological change in health care, producing unprecedented benefits for patients, cost challenges for payers, and profits for shareholders. As consumers and companies benefit from access to new drugs, policymakers around the globeseek mechanisms to control prices and expenditures commensurate with value. More recently the 1990s productivity boom of new products has turned into a productivity bust, with fewer and more modest innovations, and flat or declining revenues for innovative firms as generics replace their formerblockbuster products. This timely volume examines the economics of the biopharmaceutical industry, with 18 chapters by leading academic health economists. Part one examines the economics of biopharmaceutical innovation including determinants of the costs and returns to new drug development; how capital markets financeRandD and how costs of financing the biopharmaceutical industry compare to financing costs for other industries; the effects of safety and efficacy regulation by the Food and Drug Administration (FDA) and of price and reimbursement regulation on incentives for innovation; and the role of patentsand regulatory exclusivities. Part two examines the market for biopharmaceuticals with chapters on prices and reimbursement in the US, the EU, and other industrialized countries, and in developing countries. It looks at the optimal design of insurance for drugs and the effects of cost sharing onspending and on health outcomes; how to measure the value of pharmaceuticals using pharmacoeconomics, including theory, practical challenges, and policy issues; how to measure pharmaceutical price growth over time and recent evidence; empirical evidence on the value of pharmaceuticals in terms ofhealth outcomes; promotion of pharmaceuticals to physicians and consumers; the economics of vaccines; and a review of the evidence on effects of mergers, acquisitions and alliances. Each chapter summarizes the latest insights from theory and recent empirical evidence, and outlines important unanswered questions and areas for future research. Based on solid economics, it is nevertheless written in terms accessible to the general reader. The book is thus recommended reading foracademic economists and non-economists, and for those in industry and policy who wish to understand the economics of this fascinating industry.

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The biopharmaceutical industry has been a major driver of technological change in health care, producing unprecedented benefits for patients, cost challenges for payers, and profits for shareholders. As consumers and companies benefit from access to new drugs, policymakers around the globeseek mechanisms to control prices and expenditu...

Patricia Danzon is Celia Moh Professor at The Wharton School, University of Pennsylvania, where she is former Chair of the Health Care Systems Department, and Professor of Insurance and Risk Management. She received a B.A. from Oxford University and a Ph.D. in Economics from the University of Chicago. She is an internationally recogni...

other books by Patricia M. Danzon

Format:HardcoverDimensions:576 pages, 9.75 × 6.75 × 0.98 inPublished:April 26, 2012Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199742995

ISBN - 13:9780199742998

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Table of Contents

1. Patricia M. Danzon and Sean Nicholson: Introduction and overviewPart 1: Pharmaceutical Innovation2. Joseph A. DiMasi and Henry G. Grabowki: RandD Costs and Returns to New Drug Development: a Review of the Evidence3. Sean Nicholson: Financing Research and Development4. Scott E. Harrington: Cost of Capital for Pharmaceutical, Biotechnology, and Medical Device Firms5. Anup Malani and Tomas Philipson: The Regulation of Medical Products6. Darius Lakdawalla and Neeraj Sood: Incentives to Innovate7. Rebecca S. Eisenberg: Patents and Regulatory ExclusivityPart 2: The Market for Pharmaceuticals8. Ernst R. Berndt and Joseph P. Newhouse: Pricing and Reimbursement in U.S. Pharmaceutical Markets9. Patricia M. Danzon: Regulation of Price and Reimbursement For Pharmaceuticals10. Adrian Towse, Eric Keuffel, Hannah E. Kettler, and David B. Ridley: Drugs and Vaccines for Developing Countries11. Mark V. Pauly: Insurance and Drug Spending12. Dana P. Goldman and Geoff F. Joyce: Consumer Demand and Health Effects of Cost Sharing13. Adrian Towse, Michael Drummond, and Corinna Sorenson: Measuring Value: Pharmacoeconomics Theory and Practice14. Ana Aizcorbe and Nicole Nestoriak: Price Indexes for Prescription Drugs: A Review of the Issues15. Craig Garthwaite and Mark Duggan: Empirical Evidence on the Value of Pharmaceuticals16. Don Kenkel and Alan Mathios: Promotion to Physicians and Consumers17. Frank A. Sloan: The Economics of Vaccines18. Henry Grabowski and Margaret Kyle: Mergers, Acquisitions, and Alliances